Heavy provisioning has dragged Syndicate Bank’s profits by 73.79 per cent to ₹79.13 crore in the first quarter of this fiscal (FY 17) from ₹ 301.98 crore recorded in the same period last year. Total income rose 1.51 per cent to ₹6,419.12 crore. EPS (basic) stood at ₹0.99 (last year ₹4.56).
Operating profit fell 24.60 per cent to ₹783.70 crore (from ₹1039.48 crore last year). Provisions and contingencies in Q1 increased 40.08 per cent to ₹673.48 crore (₹480.75 crore in the corresponding quarter last year).
The bank’s gross non-performing assets (NPAs) rose to ₹15,434.26 crore (last year ₹7,545.64 crore), and net NPAs, to ₹10,051.44 crore (₹4,721.05 crore). As a percentage of advances, gross NPAd rose to 7.53 per cent (3.72 per cent) and net NPAs, to 5.04 per cent (2.36 per cent).
Net interest income increased to ₹1,479 crore (₹1,412 crore) and net interest margin (NIM) stood at 2.22 per cent (2.21 per cent).